Banks Must Ditch ESG to Hold Public Deposits in Florida

Florida CFO Jimmy Patronis announces new banking rules to protect the people of Florida from the Environmental, Social, and Governance (ESG) financial “scam.”

Today, Florida Chief Financial Officer Jimmy Patronis announced the approval of a rule implementing anti-banking discrimination requirements for banks that do business with public entities in Florida.

“When Governor DeSantis signed House Bill 3, we sent a message to the world that Florida is where ESG goes to die,” Patronis told The Florida Standard. “Our state banking system should work on behalf of Floridians and not the political agenda of woke corporate overlords. Florida is fighting back, and this rule is a major battle won against the war on ESG.”

In May, Governor DeSantis signed HB 3, comprehensive legislation that protects Floridians from the Environmental, Social, and Governance (ESG) financial “scam.”

“ESG is officially DOA in the state of Florida,” DeSantis said when he signed the bill. “This is by far the strongest protection for the people of any state against this ESG agenda – we’re protecting you from it.”

QUALIFIED PUBLIC DEPOSITS

Many banks and savings associations hold public funds in deposit as a way of expanding business within the state of Florida. But to hold deposits from Florida public institutions, including local governments, under Florida’s Qualified Public Depository (QPD), banks and savings associations must meet specific requirements.

Beginning July 1, financial institutions must attest, under penalty of perjury, that they will abide by provisions in HB 3 – Florida’s newly signed anti-ESG legislation – and make banking decisions based solely on quantitative risk-based standards, and no other standards, including ESG factors.

“For too long, corporate activism has entrenched itself into our financial institutions in an attempt to subvert our democracy,” Patronis told The Florida Standard. “Instead of keeping laser focused on the bottom line, financial institutions and investors are forced to pick winners and losers to up their ESG scores. These practices erode confidence in our banks and target businesses who don’t align with a certain political agenda.”

Banks Must Ditch ESG to Hold Public Deposits in Florida (theflstandard.com)

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